Fitch Rates $47.845MM Orange County School Board Leasing Corp, Florida, COPs Series 2008C 'A+/F1+'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'A+/F1+' to the $47,845,000 The Orange County School Board Leasing Corporation, Florida certificates of participation, series 2008C (COPs). The long-term 'A+' rating assigned by Fitch to SunTrust Bank is on Rating Watch Negative as of March 7, 2008. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by SunTrust Bank securing the COPs. The bank is obligated to make payments of principal and interest when due, as well as purchase price for tendered COPs. The rating will expire upon the earliest of: the stated expiration date of the LOC, June 30, 2011, unless such date is extended; any prior termination of the LOC; and defeasance of the COPs. The LOC provides full coverage of principal plus an amount equal to 35 days' interest at a maximum rate of 12% based on a 365-day year while in the weekly rate mode. The remarketing agent for the bonds is Citigroup Global Markets, Inc. The COPs are expected to be delivered on or about June 30, 2008.

The COPs initially bear interest at the weekly rate mode, but may be converted to a daily, short-term, auction or long-term interest rate mode. While COPs bear interest in the weekly rate mode, interest payments are made on the first business day of each month, commencing Aug. 1, 2008. During the weekly rate, bondholders may tender their bonds on any business day, provided the trustee is given seven days' prior notice of the purchase. The COPs are subject to mandatory tender upon the expiration, termination, or substitution of the LOC and upon conversion of the interest rate mode. Mandatory and optional prepayment provisions also apply to the COPs.

The COPs proceeds will be to refinance all its lease obligations under the original Series 2000B lease.

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